PERTH (miningweekly.com) – ASX-listed Kingston Resources has moved to full ownership of the 3.2-million-ounce Misima gold project, in Papua New Guinea.
The company in November last year struck a heads of agreement with joint venture partner Pan Pacific Copper Co (PPC) to acquire its 19% interest in the project.
Under the terms of the share purchase agreement now executed, Kingston would pay A$2-million for the acquisition, over two tranches. The first tranche of A$35 000 is due before the end of June, with the balance due before the end of February 2021.
PPC’s interest in the project would transfer to Kingston on the receipt of regulatory approval and the payment of the second tranche.
“We are now looking forward to taking the next step at Misima, with a transaction that delivers 100% ownership of this outstanding gold development opportunity to the company as we move ahead with a prefeasibility study that is already well under way and on track to deliver in the fourth quarter of this year,” said Kingston MD Andrew Corbett.